Modus Group revenue reached EUR 204 million in the first half of 2022 as EBITDA grew by 11 percent

The Modus Group, an international group of companies operating in renewable energy, mobility services, the auto business and investment funds, had consolidated sales revenue of EUR 203.8 million in the first half of 2022. The group’s earnings before interest, tax, depreciation and amortization (EBITDA) for the six-month period grew by 11 percent to EUR 22 million.


Compared to the same period of 2021, the Modus Group’s total revenue decreased by about one-fourth, from EUR 271.2 million to EUR 203.8 million. EBITDA, meanwhile, increased from EUR 19.75 million in the year-ago period to EUR 22 million. Investments in expansion amounted to more than EUR 52 million.


“The turnover of the group’s businesses in the first half of the year was negatively affected by disruptions of global supply chains for merchandise and raw materials, which reduced our automotive sales and slowed progress on some of our renewable energy projects. On the other hand, despite these challenges, the majority of the group’s businesses managed to maintain profitability, and in some areas successful and rapid expansion even enabled an increase in profitability,” says Ainė Martinkėnaitė-Martyniuk, the Chair of the Board at the Modus Group.


The group’s companies have demonstrated resilience to the uncertainty prevailing in the markets the past few years due to the pandemic, the war in Ukraine, supply disruptions and inflation. “The positive results provide cautious optimism even in the current challenging economic context. We believe in the resilience of our companies to the fluctuations of the economic cycle, and thus we are continuing our planned investments in expansion and further seeking new growth opportunities,” Ainė Martinkėnaitė-Martyniuk notes.


Modus Group saw the fastest growth in the first half of the year in the mobility area – the CityBee car sharing platform and the MyBee car subscription service which was launched last year. The mobility businesses’ revenue grew 10 percent in January-June compared to the same period of 2021, while their EBITDA doubled (it was up 101 percent). The good results were helped by a recovery of demand for mobility services when quarantine restrictions were lifted, the successful start of MyBee, and the companies’ expansion to new locations.


“These companies’ strong performance shows that customers increasingly understand the value of innovative mobility services. More and more people see such solutions as a convenient and financially attractive alternative to having their own vehicle. CityBee this summer earned the most revenue ever in its 10 years of operations. MyBee, meanwhile, which was established barely a year ago, is already working profitably; that provided the confidence to expand to Estonia, and starting in Latvia as well is planned in the first quarter next year. Investments in expanding the mobility businesses totalled EUR 21 million,” the group’s chairwoman adds. 


Income from the Modus Group’s automotive business fell by a third (33 percent) due to disruptions at the international level in the supply of new vehicles, though EBITDA grew 19 percent. Revenue of Green Genius, which unites the Modus Group’s energy businesses, remained almost unchanged.


According to Martinkėnaitė-Martyniuk, while the automotive and energy businesses faced challenges in the last half-year, overall performance remained good. Moreover, much was done that will bring long-term returns in the future. For example, auto sales began in Estonia with the opening of a Maserati showroom. A showroom for the same brand was also opened in Latvia. Further expansion of the auto business in the neighbouring Baltic markets is planned next year.


Green Genius, meanwhile, is continuing to implement its strategy of long-term investments in the development of solar and wind power plants. In the first half of this year alone, the company’s investments in energy projects exceeded EUR 30 million. 


“Green Genius’s steady investments in renewable energy are all the more relevant in light of the war-driven energy crisis in Europe and the realized need to transform the continent’s energy infrastructure as quickly as possible and move to renewable energy sources. Green Genius’s long experience will enable it to contribute significantly to that,” the Modus Group’s chairwoman says.


Modus Asset Management, the group company that manages investment funds, had a successful half-year. Its solar portfolio in Poland has reached 113 MW, and its portfolio of managed remote solar power plants already has a capacity of 70 MW – it is the biggest portfolio of solar power plants in Lithuania. The company is also launching a fund of EUR 200 million – it will be orientated to institutional investors and correspond to the highest “Dark Green” category. The fund intends to invest EUR 200 million in renewable energy projects in the Baltics and countries of Central Europe.

MG-logo-blue (12).png